FOSSIL OIL COMPANY – CLOSING LIMITED OPERATIONS IN 2019

Fossil Oil’s President and Founder, Dennis R. Kittler, has dedicated the past forty-two years generated multiple well drilling prospects to hopefully provide lower risk multi-zone oil and gas drilling programs for accredited non-industry investors. Soon to reach the age of seventy-seven (77) this year, Mr. Kittler has decided to retire and consider other options in the energy industry. The Fossil Oil Company website’s Home Page will remain online to allow for any announcements to be posted. As reported earlier, much of Fossil Oil files were destroyed in the Hurricane Harvey flood in 2017. Currently, there are only four (4) Fossil Oil Joint Ventures (3 wells) that are being operated by third-party operators. These Joint Ventures by all measurements are marginal producers. Each Joint Venture owns no more than 33% Working Interest yet are still responsible for paying the monthly operating expenses (Joint Interest Billings) and eventually the plugging costs. When this happens is anyone’s guess. More and more investors have requested that Fossil Oil (Managing Member) take back their ownership and end any further liabilities. Fossil Oil is not suggesting any investor to do this but it has no choice if the request is made. Let Fossil management know if you decide to transfer your ownership back to Fossil Oil. Be sure to identify the JV program you are submitting.

2017 K-1 Announcement:

Greetings in 2019 to All Fossil Investors

As reported earlier on this website, Fossil Oil Company, LLC is, in essence, will be legally closed and no longer in business at the end of 2019. One problem that was brought to my attention from our current CPA was that our previous CPA failed to check off that each of the past Ranken Energy JVs plus several other Fossil JVs were to be filing a “Final” tax return in 2016. Because of this simple over-sight, Fossil Oil is required to file a 2017 Federal Tax Return and issue a Schedule K-1 even if the value benefit was zero loss. Fossil Oil’s new accountant/CPA filed an extension for each Fossil Oil Joint Venture for 2017 tax year. He is willing to prepare the 2017 tax return for each JV at a cost of $3,000 and there are 20 of them.

Dennis Kittler recently was able to make a loan ($12,000) to pay for the four (4) Fossil Joint Ventures that are still active. Our new accountant has prepared and filed the 2017 Form 1065 Federal Tax Returns and the Schedule K-1 (Form 1065) for the following:

The cost of preparation will be recovered out of any past or future revenues. We are also facing a large tax penalty for the lateness in the filing. There are no plans to request from the investors to submit any of these costs at this time. These 2017 Schedule K-1 (Form 1065) will be sent to each investor in these four (4) JVs within the next week to ten days. It is suggested that you discuss this you’re your own personal accountant/CPA how to handle these delinquent tax documents. Since most of Fossil Oil’s Joint Venture files were destroyed and lost in the Harvey Flood, we are using the addresses from the 2016 tax filings for all Joint Ventures. Please let us know if your address has changed. If your tax information is returned to us, we will attempt to call you and get the updated address and resend.

Finally, Fossil management will continue to find lenders so that the remaining “in-active” joint ventures can file their final tax returns for 2017.

IMPORTANT NOTICE:

Fossil Oil Company’s office was significantly damaged by the recent Hurricane Harvey compounded by the Tropical Storm Harvey. As of today, we have limited access to the residence of Dennis Kittler and Fossil Oil’s office within his home. Power has been returned and reconstruction of the home and office is currently underway. We have received minimal assistance from FEMA compounded by no flood insurance has complicated rebuilding. Fossil Oil no longer has any employees since Lisa Kittler has moved on to a new career. Mr. Kittler is currently living outside of Houston until reconstruction is completed. Thank you for your understanding and patience during this catastrophic event.
Sincerely,
Fossil Oil Management
11/2/2017

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